The four categories of final users of GDP are:
A. households, firms, governments, and the foreign sector.
B. businesses, corporations, firms, and farms.
C. businesses, firms, governments, and the foreign sector.
D. households, the Federal Reserve, governments, and the foreign sector.
Answer: A
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The recent trend internationally has been for the executive and legislative branches of elected governments to get more control over monetary policy, as has been the case in countries such as the United States
Indicate whether the statement is true or false
Monopolistic competition is characterized by excess capacity because:
A. firms charge a price that is less than marginal cost. B. firms produce at an output level less than the least-cost output. C. the demand for a product is perfectly elastic in this type of industry. D. firms are always profitable in the long run.